Sudden life changes or just bad luck might mean homeowners need to sell their homes quickly. Of course, it’s better to sell over an extended period, say three to nine months, to maximise the sale price. However, circumstances sometimes dictate that a quick sale is necessary.
We consider each of the reasons listed below. Just follow the link for a detailed guide on any of these topics.
- House Repossession
- Divorce or Separation
- Job Relocation/ Emigrating
- Bad Tenants or reluctant Landlords?
- Retirement – trading down
- Inherited Property
- Job Loss
Stopping the repossession of your home is essential, even if you have some equity in your home and believe that the sale proceeds will cover the mortgage or any secured debts. Try and sell your home yourself, even if it’s to a quick sale Company like us. If your house is repossessed and sold at auction, then there may be a shortfall you will have to pay, so take control and stop the repossession. Try our guide for more information on house repossession.
Divorce or separation
Selling your home because of separation or divorce can be a very traumatic time. If you can sell via an Estate Agent, then you’ll get more for your house, but we recognise the trauma and stress living in the same property as an ex-partner or spouse can cause. Often in these circumstances, a quick sale of your home may be the preferred option, but it’ll come at a financial cost. For more on selling your house as a result of divorce or separation, please read our guide.
Couples splitting up can find advice on the BACP website.
Job relocation or emigrating
Sometimes Employers have to move their Employees quickly to other parts of the UK or even abroad. If you need to relocate soon, you may need money released immediately from your home’s sale to take advantage of a new start, possibly in a different country. If you are emigrating, this may present similar circumstances to buy another property abroad or free up the cash as part of moving away. Whatever the reason, job relocation or emigrating, read our helpful guide here.
Bad tenants or reluctant Landlords?
Do you have bad tenants? Maybe you are an accidental or reluctant Landlord? Perhaps you have been unable to sell your property, bought or rented another and rented out your old home, and it hasn’t worked out? Letting a property can be complicated and stressful; getting the wrong tenant and what seemed a good idea can suddenly turn into a nightmare with unpaid rent and damage to your property. Read more about selling with bad tenants here.
How do you view retiring, winding down and enjoying the grandchildren or twiddling your thumbs without the routine that work provides? Your friends may be predominately your work colleagues, so often, retirement can become a lonely time. One thing that’s often true and that is retirement can be stressful! Thrown together 24/7 with a partner/ spouse brings new challenges! Often your income will reduce too, which is when you need to consider all your options. Please read our guide on downsizing because of retirement here.
Inheriting property from parents or a relative can be a much-needed boost to your finances. But, sometimes, it doesn’t always work out to be very easy due to other beneficiaries owning the property. Squabbles or disagreement can arise, the property may be the subject of probate, and suddenly, what was a welcome inheritance rapidly becomes a nightmare! Avoid the arguments and stress of disposing of inherited property and read our guide on selling an inherited property here.
Downsizing usually occurs when homeowners’ children have flown to nest, and the family home and garden is too big for parents. The bonus is that selling the family home to buy something smaller and more manageable usually means surplus cash is available after the sale, towards retirement. If you’re downsizing, then read our handy guide here.
Fixer-uppers are houses in poor conditions that need renovating, or at the very least, a lot of work carried out. Time is money, so you need to decide the price you put on your time and whether you have the skills required to carry out renovation work or whether you’ll pay a high price for contractors to do the work for you. Sometimes it’s best to sell and let someone else do all the hard work! Learn more about fixer-uppers here.
Losing your job is never a good thing unless you have something else lined up straight away. Often job loss is accompanied by moving house too, due to relocating elsewhere to somewhere more affordable. So maybe it’s time to get a new start in a different town or country, depending on where any new job takes you. Read more on job loss and your options here.